A major event is set to shake up the Solana (SOL) market on March 1, as 11.2 million SOL—worth approximately $2.06 billion—will be unlocked from the FTX bankruptcy auction. This marks the final stage of FTX’s liquidation of its SOL holdings after selling a total of 41 million SOL across three separate auctions according to Crypto analysts. Will this flood impact SOL’s price? Let’s dive in.
FTX 破产拍卖的 1120 万枚 $SOL 将在 03/01 解锁，价值 20.6 亿美金🚨
FTX 曾在三次拍卖中出售 4100 万枚 SOL，TOP3 买家和拍卖价格如下
1️⃣Galaxy：$64 买入 2552 万枚，回报率 187%
2️⃣Pantera 及其他买家：$95 买入 1367 万枚，回报率 93%
3️⃣Figure 及其他买家：$102 买入 180 万枚，回报率 80% https://t.co/iPhqiR715C pic.twitter.com/sNvxXspz0S— Ai 姨 (@ai_9684xtpa) February 17, 2025
Who Bought the SOL?
Several major institutional players secured large portions of SOL at different price points during the previous auctions. Galaxy Digital emerged as the largest buyer, acquiring 25.52 million SOL at $64 per token, resulting in a massive 187% return based on current prices. Pantera Capital and other firms purchased 13.67 million SOL at $95, seeing a 93% return, while Figure and additional buyers bought 1.8 million SOL at $102, yielding an 80% return.
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How Will the Market React?
The unlocking of such a large amount of SOL raises concerns over potential sell-offs, which could lead to price volatility. Investors will be closely watching whether these institutions decide to cash out their significant profits or hold onto their holdings in anticipation of further gains. If a large portion of this supply hits the market, SOL’s price could face downward pressure.
Despite concerns of a sell-off, analysts believe the risk is low, as many investors plan to hold for long-term gains. Investors are advised to monitor the situation carefully. However, given the strong institutional backing and Solana’s ongoing growth in the crypto space, some analysts believe these firms may opt to hold, to lower the risk of losses.
Solana Current Market Snapshot
Solana (SOL) has recently dropped in price after a rally, and it’s currently testing the $180 support level. While it’s down about 6.6%, there are signs that the selling pressure is easing up. If the price hits $182-$179, it could bounce back, but if it breaks below $175, the trend might shift. Crypto analysts recommend waiting to buy until the price goes above $187, but those looking for short-term gains can try buying at lower levels with caution. Overall, the market is a bit unstable right now, so it’s important to manage risks carefully.
